Elevation Gold Provides Exploration Results for Reynolds Pit Area and Announces Execution of Secured Loan

VANCOUVER, BC, Feb. 27, 2024 /CNW/ – Elevation Gold Mining Corporation (TSXV: ELVT) (OTCQB: EVGDF) (the “Company” or “Elevation Gold”) is pleased to report assay results for 33 reverse circulation (“RC”) holes that were drilled in the Reynolds Pit area and 2 RC holes that were drilled in the Mordor Pit area (see Table 1).

• 35 RC holes totaling 3,796 m have been completed at two different near-mine targets (Reynolds Pit, Mordor)

• Assay results for 35 RC holes have been received, 21 of which intersected significant zones of gold mineralization (Table 1: Significant Intersections).

• This drilling intersected significant zones of mineralization in the Reynolds Pit area, where hole AR23-662R (press release dated March 16, 2023) intersected 225m of 0.56g/t Au.

• Hole AR23-674R in the Reynolds Pit area intersected 88.4 meters grading 0.59 g/T Au and 3.68 g/T Ag; Including 54.9 meters grading 0.65 g/T Au and 4.49 g/T Ag.

• Hole AR23-678R in the Reynolds Pit area intersected 59.4 meters grading 0.62 g/T Au and 2.37 g/T Ag.

• Hole AR23-682R in the Reynolds Pit area intersected 51.4 meters grading 0.55 g/T Au and 1.76 g/T Ag.

See Figure 1 for collar locations and Figure 2, Figure 3 and Figure 4 for cross-sections displaying some of the holes drilled.

Tim Swendseid, Chief Executive Officer of Elevation Gold stated:  “In the second half of last year, we completed approximately 3,796 meters of exploration drilling in the Reynolds Pit and Mordor areas, providing a much  clearer understanding of the mineralized zone we discovered earlier in the year at the Reynolds Pit area (see press releases dated May 24, 2023, April 26, 2023 and March 16, 2023).  This new mineralized zone is South dipping versus North dipping as previously envisioned.  All the assays have now been received, and a large number of the intercepts in holes that crossed the new zone have average gold grades well above our reserve grade of 0.45 g/T, which is very encouraging, especially since this new zone could extend further to the east and the west.   We intend to complete an update of our NI43-101 during the first half of this year which will incorporate information from these new holes.  As a recap:

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• Most intercepts in the new mineralized zone have higher grade than Moss’s average reserve grade of 0.45 g/T.

• These intercepts indicate a zone striking roughly east-west and dipping to the south. This is consistent with the trace of the Moss Vein, which is north of this zone.

• Continuity along strike is demonstrated on three sections approximately 20 m apart, and from other, wider spaced drilling, it appears to extend much further east and west, plus it remains open on both sides and down-dip.

• The center of the area as we know it is only 1 km from the crusher and 0.1 km to the nearest active haul road.

• Importantly, all newly identified mineralization is located on permitted ground!

Later this year, we hope to drill additional holes to better define the extent and depth of economic mineralization, and we are immediately incorporating this area into our current mining plans.”

Ron Kieckbusch, CPG, exploration geologist and consultant to the Company added: “These are very encouraging drill results. It appears that a zone enriched in gold may exist at depth in the southern portion of the explored area. The shoulder of the Magnetic high seen in the geophysics completed by Elevation Gold is similar to that seen in the Moss Pit area.”

Reynolds Pit Area

Assay results for 33 RC holes drilled in the Reynolds Pit area are reported in this press release (Figure 1 shows collar locations).

Table 1. Significant Intersections

Table 1. Significant Intersections cont’d…

Note:

True thickness of the grade intersections reported in this press release should be 80-95% of apparent thickness. Although true thickness of the stockwork system between the Moss and Ruth Veins is generally difficult to assess due to the variably oriented multiple veins and veinlets that make up this zone, stockwork mineralization intersections reported for angled drillholes in the table above are considered reflective of the broader bulk tonnage mineralization target zone thickness. Assay data are uncapped. AuEq = Au + Ag/75. RC drilling was conducted by Boart Longyear. RC samples, collected every 1.52 m, were transported in sealed bags to Skyline Assayers and Laboratories (Skyline) in Tucson, AZ. Field control QAQC samples, including standards, blanks, and field duplicates, were inserted into the sample stream at a rate of three field control samples every 20 regular samples. Gold was determined by fire-assay fusion of 30 g sub-samples with atomic absorption spectroscopy (method FA-01). Overlimit samples of gold were assayed by gravimetric means (FA-02). Skyline Laboratories is accredited in accordance with ISO/IEC 17025:2017 and ISO 9001:2015.

Mordor Pit Area

Two holes were drilled in the Mordor Pit on the northeastern and central areas of the current pit. These holes were drilled to test for hanging wall mineralization. Both holes AR23-699R and AR23-700R intersected gold and silver mineralization highlighted by 13.8 meters grading 0.46 g/T Au and 1.20 g/T Ag and 3.00 meters grading 1.59 g/T Au and 5.10 g/T Ag in hole AR23-699R.

Secured Loan

The Company also announces that it has received a US$1,000,000 loan (the “Loan”) from an affiliate of Triple Flag Precious Metals Corp. (“Triple Flag”), which holds the silver stream in respect of the Moss mine.   The Loan is secured against all of the Company’s property, is repayable on demand, and does not accrue interest.   In connection with the Loan, the Company incurred a US$11,000 advance fee.  Proceeds of the Loan will be used to provide working capital for the Company’s Moss mine.

Qualified Persons

Unless otherwise indicated, the technical data contained in this press release that relates to geology, exploration and mineral resources has been reviewed and approved by Ron Kieckbusch, CPG, Consultant to Elevation Gold. Mr. Kieckbusch is a Qualified Person as defined by National Instrument (“NI”) 43-101 and is responsible for the Moss regional and Hercules Exploration Properties.

Unless otherwise indicated, the technical disclosure contained within this press release that relates to the Company’s operating mine has been reviewed and approved by Tim J. Swendseid, P.E., MBA, CFA, Chief Executive Officer of the Company, and a Qualified Person for the purpose of National Instrument 43-101.

ON BEHALF OF THE BOARD OF ELEVATION GOLD MINING CORPORATION

“Tim J. Swendseid”

Tim J. Swendseid, CEO of Elevation Gold Mining Corporation

About Elevation Gold Mining Corporation

Elevation Gold is a publicly listed gold and silver producer, engaged in the acquisition, exploration, development and operation of mineral properties located in the United States.  Elevation Gold’s common shares are listed on the TSX Venture Exchange (“TSXV”) in Canada under the ticker symbol ELVT and on the OTCQB in the United States under the ticker symbol EVGDF.  The Company’s principal operation is its 100%…